Leading provider of Core Banking, Insurance and ERP software solutions signs new contracts

Leading provider of Core Banking, Insurance and ERP software solutions signs new contracts

March 13, 2014 – Over the past six months, Arab Bank (Beirut), Alpha Insurance (Limassol), The International Bank of Somalia (Mogadishu), BSN Bank in Kuala Lumpur, and pharmaceutical company Al Moudawi in Erbil, all signed License contracts with BML Istisharat, a leading provider of core banking, Insurance and ERP software solutions.  These new partnerships are the most recent in a string of advancements for BML Istisharat as they rapidly expand their services and clientele. BML provides core applications for banks, insurance companies, and manufacturing and distribution firms.  The 42-year-old company offers standard functions such as account management, interest calculation, trade finance, foreign exchange, and money market management. They have also begun to delve into new financial services such as offering bancassurance solutions to increasingly deregulated insurance systems. Despite the fluctuating hardships caused by the recent financial crisis, BML is an emblem of success in the Middle Eastern banking sector. BML Istisharat software currently functions in 33 countries spanning from the US, to Africa, Europe, the Middle East and most recently South East Asia and their diverse clientele and progressive nature hint at future expansion for the software solutions provider.

Over the past several years, BML Istisharat has expanded beyond the Middle Eastern banking sector and currently serves a substantial and multifaceted client base. It is the variety of BML’s clients that indicates their potential. The company serves smaller, local banks and Fortune 500 banks dispersed across on nearly every continent, with well-known names; such as Citibank, SociétéGénérale, BanquePopulaire, Swiss Life, Allianz-AGF, BNP Paribas, and Gazprombank. Their insurance systems are experiencing a similar breadth of use; through one insurance company, AXA, BML Istisharat’s systems are used for insurance in seven MENA countries.

BML’s ability to expand their client base can be attributed to their continued internal development and modernization. In addition to adapting their banking services to respond to the market climate, BML has evolved their insurance services. In response to less intensive regulation of insurance services across several markets, BML Istisharat offers insurance solution packages to manage policies in accordance to these regulations; these services are already widely implemented in the United States, Europe and the Middle East. From a technical standpoint, BML progresses fluidly with the modernization of technological services.The most recent being the addition ofa Java layer to BML systems, which allows the company to be database independent and use less bandwidth. This is especially efficient for a bank that has a network of branches.

“From a functionality point of view we are adding new functions to our Islamic banking and insurance solutions as well as to our industrial and manufacturing areas,” said Joe Faddoul, CEO of BML Istisharat in a recent interview. BML Istisharat’s practice of maintaining consistent development undoubtedly contributes to their expanding client list.

BML’s progressive attitude, combined with the company’s expanding client list, contributed to their survival through the recent financial crisis and political instability in their base region.  The banks displayed extraordinary resilience over the past 50 years, enabling them to not only survive, but grow. CEO Joe Faddoul explains that the success behind the company’s growth lies in their ability to adapt and the basic need for their services, “The other thing is that when you sell core applications, you aren’t selling a luxury product, a bank needs a core application system crisis or no crisis. It is not a gimmick or a gadget or something like that.”  Faddoul provided an example of BML’s flexible nature though an anecdote about BML’s history during periods of political unrest in Lebanon. Faddoul describes how the company installed solar panels for electricity and registered as a Belgian ship off the coast of Lebanon in order to provide service to European clients, as satellite providers would only install on sea vessels. When prompted about the future of the company, Faddoul explains that the future of BML Istisharat will live up to its storied history,

 “We want to push the advantage that we have in South East Asia. We hope to have our first client in Indonesia this year after our client in Malaysia. We are also looking very carefully at some niche markets that we just recently discovered as we were asked to perform some demonstrations there… I know that it might be surprising for us to be selling in Sweden and the Baltic countries but since they are asking for our products we are going to follow up on those opportunities.”

The company’s long term resourcefulness and forward-thinking approach to technological advances have provided a solid foundation for the bank to withstand hardships and prosper in the shifting global economy. As shown by their expansion in clientele and services, BML Istisharat proves that they are a global contender in the international core banking software solution provider market.

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